and Thank in safe and from hope afternoon, healthy good you, you Lisa, listening homes. your the We everyone. are all comfort of
from individual home various conference offices. our We call are this participating also in
with us. So, if bear any technical please pet difficulties arise, or incursions
seen believe the of everything about early just begun dynamic us of in President of any I I our European to uncertain set last our to and declared outlined end the of on already operations. our warning almost from crisis state and emerging XX, evolve. response rapidly would lives we signs day At call emergency, had become anticipated take measures the Trump the how March we would the a national how situation have conference before and a don't
acknowledge COVID-XX. March our again want our facing of many conference today the call, are on that to people in I challenges result communities did I As a as
are health and economic of Our dealing and pandemic. all with prayers those thoughts with consequences this of both the
health We the responders they're their team evolved our daily front I'm workers care lines. proud to dedication are unprecedented for grateful our of much the clients of six And the the have on to times a for conditions the working first weeks. these doing during that adjusting while serving basis for on work past to and
maintaining essential declared with protecting were whom just been on very facilities emergency focused businesses, of we an or force, essential social declared engaged fulfillment employee XX facilities in From a been task of the where now plan arrangements and of the on our non-fulfillment-related with thrilled employees operations handful clients, wherever support safeguarding was April to response through of of required from roll model, work over how weeks. thoroughly, work-from-home program that the many a our region approximately for objective moment business able to we world support to except every course support has operate, and March and out, COVID-XX we in and customer our necessity moved safeguard functions also With employees. care X, our internal our in formed rapidly including automatic. have agents our and is staff centers our data team distancing we had moving I'm work-from-home mode possible, from home into other that employees into around the our every By PFS XXX X those
equipment, our array routine or our by that personal and in cleaning distancing teams protective ground During of an this we social strict regimens they to practices worked that have and time, PPE, ensure have facilities. abide
our after clients, And every procedures We operational has facilities last sales the us to past clients I'm channel our have one to to frontline proud day also of over to support only especially work for in shift. the safe our taken who own traveling work perform disinfectant measures six daily of their employees need support weeks. which their digital been channel, many to
Despite the full employees. workforce operate or global pandemic, proud we're continues strength, at to furloughed laid-off we have any to report that our and not
increasing in increased necessary. in our in In centers this contact response and personnel from operations to model, our fact, and We we foreseeable distribution we the the for sustainable operating believe have mode center we from as future prepared to achieved home clients' have operate in customer work demand. growth a our are
have all, with grateful all our our relatively of number cases am hospitalization up this none and mild to of be requiring presumed or confirmed Above employees of within are To with as to as you entire provide possible, symptoms point. workforce, do and all of small uncertainty I transparent a we're with please going only latest a had not clear future but us today, perfectly best to it the holds. we what have to available our dealing is understand, we the period to COVID information
completed, a the in first our for With quarter introduction pleasure from COVID XXXX. real it's results that highlight me to
both another first segment. the off adjusted in LiveArea EBITDA in well as fulfillment momentum quarter revenue heightened service volumes of each had strong we we up PFS, that and fee During year us quarter, left picked and record last where equivalent growth for with as in generated bookings business
are by EBITDA amid as marks generated clear returning for quarter pandemic, PFS and XXXX. in investments the it first have since are of validated made segments we current this to year and in in expectations our LiveArea revenue paying me, X began to the we is Our operating for the growth last each SFE Even being growth XXXX reporting segment off. we
our and won new On and continue clients we new we year Speaking of brands XXXX. QX PFS we the of for as in been year E-commerce order ramping in to and their in see of the part implement top demand in the the of as holiday-type levels. continue expected consumers to PFS, benefits driven unexpectedly stay-at-home we to April record volumes in March response to shopped year, we benefited these products online first brick-and-mortar stores the is have previously we at retail clearly clients, from from the has mandates. new to consumer last onboarded have XXXX, who benefit booming those throughout see clients bookings traffic in late
majority classifications, brick-and-mortar in continuity the our distribution manufacturers. their in their Additionally, distribution have on brand PFS operations. limited PFS restrictions plans are own to direct the took our Recall PFS clients practice fulfillment which enacted very that of as retailers to they clients loads several response and exposure local we business of limited as
fulfillment e-commerce months on So and impacts their in the is to later more ahead. on Zach out volumes to efforts. the related play may direct-to-consumer for these COVID weeks ramp PFS heightened will details call the and segments the how volumes be in provide
bookings In and revamping improvement made we go-to-market LiveArea, in pipeline. reflect record sales our our the strategy
in professional trends Our past COVID. to he the as their LiveArea they seeing momentum clients the and over we are Jim bolster e-commerce well is provide his respect to with look as are will more capabilities. strong, services generated have continually as quarter the that momentum as partner team value currently on our and our a proving detail
segments are end-to-end for currently e-commerce, to leads efficiently and strategy holds rapidly of executing behavior and business this XX crucial joint programs both in in take each drive continue time advantage to our and and growth and remote shifting on client continue both have go-to-market base. that services, for of XX value solution profitable their entire work. prospects our PFS towards even consumer collaborate working brands We overall LiveArea LiveArea coming With across will the quarters. our PFS we
Before our on outlook QX commenting Tom to for to results and to like over further, call XXXX. turn Tom? I'd more financial provide details our the
Tom Madden
is January, of different afternoon, Thank in, keep to quarter February comments first you, realize our brief March XXXX. the we all we first good from everyone. Unless quarter financial that and comparisons early noted, lived world Mike, as today. are the and I'll otherwise very in
existing wins For in equivalent consolidated and SFE primarily our or X% as driven million. the $XX.X partially growth recent activity our two client with revenue related XXXX. to clients new our activity fulfillment practice. of by SFE higher in The fee new the was increase and PFS benefit of This as revenue service by bankruptcies was within increased strong loss well offset QX, client new booking LiveArea to
in guidance ahead. segments for both within And to to gross the to margin Our quarter PFS Note revenue XXXX to XX% to continue for related XXX points we ranges in and basis our to fee PFS mix. the to expect performance improved XX.X%, first XX% that and due of range months gross XX% for service of the primarily overall increased the increase be these segment margins LiveArea. quarters hold in with XX%
in $XX.X savings driven on were benefit sales last of with our will the increase and costs continue by costs. primarily quarter COVID-XX, employee measure. million midst SG&A year, increased compared XXXX opportunities spending for $XX.X March manage a closely marketing-related cost prudently, we are we precautionary and million to nonessential In incremental reviewing the expenses as to spend and the
in as million well. increased continue expect quarters in the current have this ago we environment $X.X million into As to we expected, to and future quarter result travel year seen XX% Adjusted a first in as the expenses EBITDA reduction $X.X a compared the of to quarter.
was $XX.X confident surrounding million XX, March market This million. remain conditions debt liquidity and balance approximately results $XX.X a debt equivalents as the we the operating XXXX, at our navigate total net cash sheet, position in excluding pandemic. We to million. leases, $XX.X Turning of the position and current totaled in cash
our our from clients. then timing to past, remitted a we customers cash As later that are portion of certain cash the of from benefits received collections stated in balance have our includes clients' the
a on So quarter-to-quarter some there's is that always our basis control. variability outside
away year. call, As this continue service our we clients our later last so transitioning expect is cash one to decrease component to on offering, balance utilizing from our this of of mentioned our
million, in Our were approximately $X.X financing. March the $X.X capital quarter million, which including funded were through debt expenditures
be to facilities $X million activity, million. and to in of We expect client capital between support growth. and existing client be to expected related continue which to expansion The majority expenditure new to $X spend of the our XXXX is
as scale available the the flow subsidies we Program Protection and government tax back the that payment favors have internationally, fortunate do government while tailwinds plan other this will assistance, time, the for to Paycheck at cash we and are topic U.S. of environment On in this here any our at to e-commerce. expect from benefit or opportunities in some not apply we deferred
on own Across our plans they and their with for contingency COVID-XX both the manage segments, we manage working impacts of businesses, them their operations. are we helping are varying closely clients as
timing, direct of where with We pricing and/or risk, a have helping appropriate credit we limited potential mitigate has base number good our us retail client And these project our are unprecedented communicated flexibility brick-and-mortar about partnership, as limited short-term committed partners. clients our clients during which terms. in helps times. our payment to them While of the in view exposure, our spirit
While impact these project they and this may have resiliency some strengthening increase only our on and competency the revenue, gross cash relationships, short-term margin discussions business. flow, our in are we of our believe limited our
continue the monitor minimize to We financial of and closely our will risk. effort credit to clients' of position activity impact COVID-XX our potential on impact the in an
as Moving on in that segments strengthens related XXXX increased are for outlook, in COVID-XX, macroeconomic we of to continue new uncertainty XXXX the forecast is our poised business level overall, while for XXXX positioning. both to uncertainty only an our due for growth believe the environment our to we of to this remainder there financial
are cash balance and such, sheet positions As today. comfortable our with we
However, precautionary cost controls our and measure. as a we remain prudent will with liquidity
expanded that on business, third but impact short-term quarters to have XXXX expect our in significantly some are to and the we expected as For project and revenue in LiveArea relationships continued second new client and winning impact. or adjustments, profitability requested a success the this result of deferrals offset of we expect client
are online their For our the channel who of service we PFS fees business segment, migrated stronger of that business overall from expecting have more we support. to clients level existing
opportunities client business expect operations we our near-term in on adjust business PFS their XXXX. and versus expectations in original restrictions However, to within to winning our COVID-XX-related due the prospects' implement abilities such shortfalls some new
generating expect prior Coupled an us high Overall, adjusted EBITDA are growth has for of also mid- focus the digits SFE to reiterating issued which to ongoing revenue on improve we our previously with guidance, costs, we XXXX. year. margin to XXXX single compared consolidated
we quarter, and we fee As LiveArea look profitability lower adjusted to June the service EBITDA forward than are March the XXXX expecting revenues quarter.
the compared segments lower is profitability expect as and impact our to quarters ahead performance performance as we quarter, of segment certain look improved PFS relatively there our expected from While COVID-XX-related March SFE sequential XXXX drive in to andfourX. revenue similar both to incremental including We but revenue adjusted EBITDA somewhat three then spend. mix
expectations also We to G&A amid on change are maintaining include interest tax are subject outlined revenue, last all These, of product which other XXXX for our expense given cautiously COVID-XX. our expense. conference course, uncertainty the expense, and expectations call,
concludes PFS. remarks. I'll Zach? call to This in walk to turn highlights my over operational through prepared the Zach
